Kategorie: Crypto News

Daily crypto headlines and news about bitcoin, ether, ripple, solana, altcoins, nft, market, business, analysis, nft, metaverse, minting and mining.
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Bitcoin address with 1,005 BTC suddenly wakes up after nearly 13 years

  • A Bitcoin address with 1,005 BTC activated 12+ years later, shifts more than $29 million.
  • Wallet speculated to be from a miner who mined a lot in 2010.
  • Bitcoin price remains largely flat above $29k.

According to Whale Alert, the blockchain tracker and analytics system that provides regular updates of large coin transactions, another dormant Bitcoin address has just woken up.

Bitcoin that has remained dormant for a significant period waking up suddenly when being transferred has often been subject to market speculation regarding the intention of the hodler. Whale transactions such as these often see jitters hit traders afraid of a major dump, and that is the case even as this particular wallet moved coins not touched for nearly 13 years.

Per the details shared today around 12 pm ET, the said dormant address holds 1,005 bitcoin (BTC), whose market value at current prices is about $29,750,772. The wallet “has just been activated after 12.8 years.” Whale Alert posted on X:

According to one analyst who commented on the Bitcoin whale’s actions, the address appears to be of an early miner. Mempool analysis shows the individual had actively mined the flagship cryptocurrency in 2010.

Bitcoin price outlook

Bitcoin’s price has over the past few weeks struggled to strengthen towards the $30,000 levels even as bulls defend the critical support base near $29,000. Pressure remains given a technical outlook that could see bears target the buffer area in the $28,000-$28,500 range.

BTC’s chopping as seen over the last few weeks has resulted in a downtrend line on the weekly chart. Attempts to break higher have seen multiple upside wicks but no conviction from bulls. While bulls are capable of bouncing higher in the short term, any slight hammering could welcome the all-important $25k zone.

The post Bitcoin address with 1,005 BTC suddenly wakes up after nearly 13 years appeared first on CoinJournal.

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Recently listed Bitcoin Depot reports record revenue for its Q2

  • Bitcoin Depot reports an 18% annualised growth in its Q2 revenue.
  • The Bitcoin ATM operator also updated its full-year guidance today.
  • Bitcoin Depot stock is in the green only marginally on Monday.

Bitcoin Depot Inc says its revenue jumped 18% to a record $197.5 million in the second quarter. The stock is still only marginally in the green at writing.

Bitcoin Depot reports a big increase in loss

Shares of the Bitcoin ATM operator are having a hard time this morning primarily because the Georgia-based company lost $6.1 million in its recently concluded quarter, down an alarming 249% versus last year.

Its adjusted EBITDA, though, went up 54% to $19.8 million in Q2. Brandon Mintz – the Chief Executive of Bitcoin Depot said today in the press release:

We’re in position to further strengthen our balance sheet as we execute on our growth strategy … we’re positioned to support mass crypto adoption as the leading Bitcoin ATM network.

Note that the U.S. firm debuted on Nasdaq only last month on July 3rd.

Bitcoin Depot’s guidance for the full year

Bitcoin Depot had $20.5 million worth of total operating expenses in its second quarter – up significantly from $12 million a year ago.

In Q2, the Nasdaq-listed firm partnered with a bunch of notable names including Stinker Stores, Jacksons Food Store, Gas Express, FastLane etc. According to CEO Mintz:

We’ve announced multiple partnerships and expanded our BDCheckout program. We look forward to increasing the number of our Bitcoin access points across North America.

Just days ago, he said the Bitcoin ATM space was ready for consolidation. Bitcoin Depot Inc now forecasts its revenue to grow by 8% to 13% this year on up to 44% increase in adjusted EBITDA.

The post Recently listed Bitcoin Depot reports record revenue for its Q2 appeared first on CoinJournal.

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HBAR price soars as FedNow adds support for Hedera

  • Hedera (HBAR) price rose to above $0.065 on Monday morning.
  • FedNow has added support for Dropp Inc, a Hedera-powered platform that now joins the Fed’s list of service providers.

The Hedera (HBAR) price soared to above $0.065 on Monday morning (ET hours) as the cryptocurrency led the top 100 coins by market cap. 

According to data from CoinGecko, Hedera’s price spike was accompanied by a staggering 1,290% increase in its 24-hour trading volume as of 11 am ET, with buying pressure seeing over $224 million HBAR tokens traded.

The cryptocurrency, whose price had dipped below $0.060 last week, was up 17% and rising at the time of writing and 25% higher over the past 30 days.

Whys is HBAR price up today?

Hedera’s native token was pumped on multiple occasions last month and early August following key partnerships and adoption efforts with major mainstream players. These included partnerships with South Korea multinational automakers Hyundai and Kia, which introduced an AI-enabled solution for tracking supply chain carbon emissions. 

Also revealed recently is a partnership with global payments giant Mastercard.

The adoption of HBAR across these companies saw its price rise to its highest price since May. Profit taking took bulls back to lows of $0.56, but bulls are looking to reclaim the upper hand. The gains come amid new buy pressure for HBAR following the Federal Reserve’s FedNow support for  Dropp Inc, a Hedera-powered platform. Dropp is now on the list of service providers for the Fed program.

As CoinJournal recently reported, FedNow was launched to offer banks and credit unions access to instant payments. Hedera, on the other hand, is a decentralised public network based on the Hashgraph algorithm.

The post HBAR price soars as FedNow adds support for Hedera appeared first on CoinJournal.

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Bad Idea crypto token has jumped: I think it’s a scam

  • Bad Idea crypto token has jumped in the past few days.

  • The token’s market cap has jumped to over $78 million.

  • I think it is a scam that has no future in the industry.

Bad Idea crypto has moved from obscurity to become a popular cryptocurrency worth over $78 million. The token surged to a high of $0.00000042 during the weekend and then pulled back to the current $0.00000015.

The crypto industry is made up of thousands of scams. This process has been made possible by crypto tokens, which can be created by anyone in a few minutes. Most of these tokens are built using Ethereum and BNB smart contracts.

Bad Idea is one of the many project that I believe is not a valuable cryptocurrency. According to its white paper, it is a project that combines the concepts of artificial intelligence (AI), blockchain, and decentralized autonomous organization (DAO). It aims that these three parts will help to create a fully decentralized economy. 

Unlike other projects, Bad Idea does not have a roadmap. Instead, the developers hope that it will be a system of interconnected AI agents working for humanity’s benefit, instead of it. One way it will use AI is to produce weekly blog posts on AI and other topics (makes sense?)

Bad Idea’s tokenomics seem to favor insiders, who I expect wil be cashing in soon. It has a supply limit of over 831 trillion tokens, with 58% going to the public. The rest will go to the team (we don’t know who is the team), marketing, AI development, DAO development, and the Humanity Last Hope Fund. I believe that all these entities are the same team of insiders.

Therefore, in the short term, there is a likelihood that Bad Idea token will rise as insiders pump it. It will then crash, with most buyers left holding the bag. The white paper adds that:

“The BAD IDEA Token and its associated project are intended for educational, entertainment, and experimental purposes only. By engaging with the BAD IDEA Token and project, you acknowledge that you are participating in a high-risk experiment and assume full responsibility for any decisions you make.”

The post Bad Idea crypto token has jumped: I think it’s a scam appeared first on CoinJournal.

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Bitcoin miner Hut 8 revenue declined by $18.3 million in Q2

  • Hut 8 posted revenue of $14.3 million (19.2 Canadian Dollars), which had fallen $18.3 million during the quarter compared to Q1, 2023.
  • The company mined 399 Bitcoin (BTC) but sold a total of 396 BTC for $10.9 million (CAD 14.7 million) during the quarter.

Hut 8 has announced its operating and financial results for Q2, 2023. In details published on Monday August 14, the Bitcoin miner indicated its revenue fell $18.3 million (CAD 24.6 million) during the quarter ending June 30.

Hut 8 posted revenue of $14.3 million in Q2, 2023

The Toronto-based cryptocurrency mining company highlighted revenue of $14.3 million (CAD 19.2 million) during the quarter, compared to $32.5 million (CAD 43.8 million) posted in Q2, 2022. 

Meanwhile, the miner reported a loss of $12.4 million (CAD 16.7 million) for Q2, 2023 with per-share loss of 6 cents (8 Canadian cents).

Hut 8 also announced that it mined 399 Bitcoin (BTC) in the quarter, this being roughly 58% down on mined bitcoin for the same quarter in 2022. The company attributes the decrease to the increase in Bitcoin mining difficulty, impact of operations following issues at its North Bay Facility, as well as electrical issues encountered at the Drumheller facility.

“While we continued to face mining challenges during the second quarter at Drumheller, which are reflected in decreased revenue and fewer Bitcoin mined, we were successful in strategically managing our costs,” Shenif Visram, CFO at Hut 8, said in a press release.

Hut 8’s financial results showed that the company’s self-mined BTC balance as of June 30, 2023 – which it held in custody or had pledged as collateral – stood at 9,136 BTC. The holdings had a market value of $274 million (CAD 368.7 million). The miner sold a total of 396 BTC for $10.9 million (CAD 14.7 million) during the quarter.

The Bitcoin mining giant, which secured a $50 million credit facility from Coinbase in June, also reported on the progress of its highly anticipated merger with US Bitcoin (USBTC). A shareholder vote on the merger is expected on September 12, the company said in a separate announcement.

The post Bitcoin miner Hut 8 revenue declined by $18.3 million in Q2 appeared first on CoinJournal.